PrimaLoft Inc. completed a management-led transaction to recapitalize the business and to help the rapidly growing company invest in innovative technologies to meet growing consumer demand.
The new investor group is led by private equity firm Victor Capital Partners in partnership with the private equity group at Allstate. PrimaLoft management will continue to maintain a significant investment in the business. Financial terms of the transaction were not disclosed.
The company was previously owned by Prudential Capital Group. Albany International, best known for making belts used in paper mills, sold off PrimaLoft in 2012 for $38 million to Prudential Capital Partners. The move was part of Albany International’s focus on making engineered composite parts for the aerospace industry that also led to the company’s decision to move its headquarters to Rochester, NH. In December 2013, PrimaLoft moved its headquarters to Latham, NY.
PrimaLoft was originally developed for the U.S. military in the 1980s and was first used commercially in L.L. Bean winter coats in 1989. Today, PrimaLoft is used by 700 retail brands, including The North Face, Patagonia and Under Armour. The company’s product line has expanded into a broad array of comfort solutions around lightweight, warm, water-resistant, comfortable, soft, breathable, durable, eco-friendly and animal-friendly.
Since 2012, the performance fabrics and insulation supplier has doubled its employee size and opened offices in Germany and China to address the European and Asian markets.
“This is an incredible opportunity to enhance the future of PrimaLoft,” said Mike Joyce, president and CEO of PrimaLoft in a statement. “In recent years, we have enjoyed significant growth and further established PrimaLoft as a leading consumer ingredient brand that partners with many of the best outdoor, fashion, and home furnishings companies in the world. Our new partnership with Victor Capital will provide the capital, commitment and operating support to drive our technological innovation and market development to new levels.”
“We would like to thank Prudential Capital Group for the tremendous support they have provided the company over the past five years,” said Joyce. “They have been an exceptional partner and a great steward of the business, helping to drive the strategies that have underpinned our growth and position us well for the future.”
“We are delighted to be partnering with Mike Joyce and the talented team at PrimaLoft and bringing our experience working with valuable consumer brands to the company,” said Douglas Korn, managing partner of Victor Capital. “The strong and growing reputation of the PrimaLoft brand and the company’s history of leadership in developing innovative technologies offer an exciting platform for continued growth. We look forward to helping the management team propel the company to new levels of success.”
Photo courtesy Primaloft
